The Study On The Relationship Between Ownership Structure And Corporate Performance Of Listed Small And Medium-Sized Enterprises

Momentum of economic development has been causing serious environmental problem, which thus subject to public disclosure of environmental information widely concerned. To this end, the Government has actively taken measures, such as relevant laws and regulations came into being; and foreign academics have been paying close attention in this area. Direction of normative research is relevant to environmental information disclosure and corporate value, while also few empirical studies are in this area.This article has normative analysis and empirical analysis, mainly on two issues: a study of how environmental information disclosure level affects enterprise value and environmental information disclosure and corporate value relevance are affected by different industries. Firstly, in the second chapter of the theoretical basis of environmental information disclosure were screened, organize and summarize; and list the relevant domestic and foreign literature review cited in the text. Secondly, on the base of environmental information disclosure of 892 Shanghai-listed companies, dividing into heavy polluting and non-polluting industries to compare the two provided the basis for empirical research data behind the fifth chapter. After that, this paper based on two assumptions made above and build an empirical model.the conclusions of the paper drawn form that the Shanghai Stock Exchange Corporate Social Responsibility Report selected during 2010-2012, as well as financial and economic information database GTA (CSMAR) related data, descriptive statistics, Spearman correlation analysis, Collinearity inspection, multiple linear regression analysis and robustness tests.Through a series of studies, results showed that:(1)the study that the level is related to environmental information of Shanghai-listed company found that the higher the level of environmental information disclosure, the higher value of their enterprise, on the contrary, the lower. The level of environmental information disclosure and enterprise value are positive correlation;(2)Differences of industry have a positive impact on environmental information disclosure of listed companies in Shanghai and enterprise value level;(3)according to the research, the author puts forward specific proposals in government regulatory agencies, management of listed companies and investors and points out the deficiencies of this article.According to Government policies and the future direction of the disclosure of environmental information, combining with results of this study gives the following recommendations:(1)Government should pay attention to environmental information disclosure about listed companies and commitment to duty of the government to exercise effective supervision of government;(2)for environmental information disclosure, some sound legal system should be established, while the heavy polluting industries listed companies should increase the intensity of the external audit;(3)some heavy polluting industries listed companies do not take the road of sustainable development, which caused serious pollution to the environment, the government should put these enterprises as the object of punishment, and increase penalties, while providing targeted subsidies to help them improve the environment;(4)completing the environmental information of enterprise and improving audit system of the company,which should make environmental awareness fundamentally improve;(5)accounting for environmental information disclosure,the theoretical system of environmental should be to establish and improve.